Tuesday Tip: Financial Freedom with Microsoft Money

It’s no secret that all successful people are able to maintain their success by managing their finances. Some of these people are naturally wired for this exact thing; I am not one of those people. I am the type of person that needs a little help in this arena to maintain my successes. I found that help a year ago in Microsoft Money.

Microsoft Money (MS Money) is a FREE downloadable software that helps you cover all your financial bases. Whether you are looking to balance accounts, track bills, track investments, or file your taxes, MS Money has got your back. It took me roughly 15 minutes to set up all my accounts, bills, and tax information when I first started.

Here are some of the most useful features of MS Money:

Banking

The Banking section is exactly how it sounds. You can list all of your accounts in this section and update the balances every few weeks. You’ll find in this section:

Checking and savings account info

Investment accounts

Mortgage and loan accounts

Credit Center

The Credit Center was huge for me as I budgeted after moving to another city while still paying off student loans. It allowed me to effectively spend my money where I needed to, while still being able to save and invest.

Bills

Bills…arguably the worst part of life. Unfortunately, I have not found a way around paying these suckers. However, I have found MS Money useful when it comes to planning for them. The Bills section allows you to set up a bill calendar, transfer money, and track history. This section was vital for setting myself up for success.

Reports

I absolutely love the Reports section. I use it to track all of my spending and saving. It allows me to pat myself on the back when running my saving and investing reports. It also allows me to look at myself in the mirror and say, “Go to the grocery store and start cooking for yourself!” when I run my report on how much I spend on takeout… Some of the reports you can run include:

Spending by category or payee

Monthly budget

Net worth

Investment portfolio

Additional Features

MS Money also has sections for budgeting, investing, planning, and taxes. All of these sections have helped me set myself up for the future. The Budget sections helped me separate my monthly budget from my essential budget. The Planning section helps me plan for unknown future expenses like replacing an appliance or fixing my car. The Investment section helps me track my portfolio and make educated investment decisions. Finally, the Taxes section helps me stay organized when it comes to filing.

Summary

MS Money is a one-stop shop when it comes to managing your finances. It will help you track your savings, investments, liabilities, and future. It is useful for not only seasoned professionals but students and young professionals as well. I hope you find it as useful as I have.

Tony Coughlin

With multiple years of experience in customer service across many industries, Tony brings his upbeat and positive attitude to the Network 1 team. He is committed to delivering the right solutions and services for clients and business partners.

Network 1 Consulting is a 20-year-oldIT Support company in Atlanta, GA. We become – or augment – the IT department for law firmsandmedical practices.Our IT experts can fix computers, but what our clients value most are the industry-specific best practices we bring to their firms. This is especially important with technology, along with regulations and cyber threats, changing so rapidly. We take a proactive approach to helping our clients use technology to gain and keep their competitive advantage.